Former President Donald Trump had a dire warning for his crowd in Salem, Virginia, Saturday night, with a dour prediction should Vice President Kamala Harris defeat him.

“If Kamala wins, you’re three days away from the start of a 1929-style economic depression,” he said, before quickly adding, “If I win, you’re three days away from the best jobs, the biggest paychecks, the brightest economic future that the world has ever seen.”

His remarks were made during one of his final rallies before voters determine the outcome of his third campaign for the White House. He referenced Friday’s announcement from the Bureau of Labor Statistics, which revealed that only 12,000 jobs were created in October—significantly lower than the estimates of 113,000 to 200,000, Newsmax reported.

“I can’t believe this happened,” Trump said Saturday at an earlier rally. “It was announced that Kamala’s economy is like in a depression. The worst numbers I’ve ever seen, the worst numbers in many, many years. Kamala’s economy added only 12,000 jobs. I’ve never heard of that before.”

He noted further: “That’s the good part because we lost nearly 30,000 private sector jobs, along with nearly 50,000 manufacturing jobs in one month.” And that, he said, is “not recession stuff. This is depression.”

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Also, under the Biden-Harris administration, which he referred to as “Kamala’s catastrophic agenda,” Trump said that “more than 100,000 manufacturing jobs, this was just announced yesterday, they’ve been wiped out since the start of the year … these are big numbers.

“You know, normally it’s like 2,000 jobs, 4,000 jobs. It’s almost a million jobs that were fake. These are fake jobs,” he said. “You could end up with a Great Depression right now, the way that’s going. Nobody can believe the numbers.”

Trump then said that the pour job creation numbers are hurting black Americans the most, much of it due to years’ worth of Biden-Harris open border policies.

“The African American population of this country is being decimated by the hundreds of thousands of people that just keep pouring through the open borders because of” Harris, he said.

“They should announce those numbers right now before the election because you won’t have one black person that votes for Kamala. You won’t have one. When you see those numbers, you’re going to know exactly what I’m talking about,” Trump added.

“I will do a real job for you,” he said. “I’m going to work my a** off for you.”

Meanwhile, U.S. wage growth experienced its smallest increase in over three years during the third quarter, reflecting a slowdown in wage growth and suggesting that inflation is firmly on a downward trend, a finding that won’t help Harris in the run-up to Election Day.

According to the Labor Department’s Bureau of Labor Statistics, the employment cost index (ECI), the broadest measure of labor costs, rose by 0.8% last quarter. It marks the smallest gain since the second quarter of 2021 and follows an unrevised increase of 0.9% in the second quarter, Reuters reported.

Economists surveyed by Reuters had anticipated a 0.9% increase in the ECI. Labor costs increased by 3.9% in the 12 months leading up to September, the smallest rise since the third quarter of 2021, down from a 4.1% increase in the year through June. Annual labor cost growth has decreased from 4.3% in September 2023.

Policymakers regard the ECI as a reliable indicator of labor market slack and a predictor of core inflation, as it adjusts for changes in composition and job quality. The Federal Reserve is aiming for a 2% inflation target.

Government data released on Wednesday revealed that core inflation rose at its slowest pace in nearly a year during the third quarter. Last month, the Fed initiated its policy easing cycle with an unusually large half-percentage-point interest rate cut, marking the first reduction in borrowing costs since 2020, Reuters added.